Eden Theological Seminary, the United Church of Christ institution that I had the privilege to earn my Master of Divinity degree from, has just received an $18 million gift.
The St. Louis Dispatch reports:
Eden Theological Seminary has received an $18 million lifeline.
The United Church of Christ seminary plans to announce today the gift from the Deaconess Foundation. It is the largest single donation in the school's 157-year history, five times greater than its next-biggest gift, and the largest ever to a UCC seminary. "This is huge for us," said Eden's president, the Rev. David Greenhaw. "It's a blessing."
Like most seminaries, especially those that supply ministers to mainline Protestant churches, Eden has struggled financially. Because its alumni do not have the same giving power as graduates of law or business schools, seminaries rely on gifts and grants from individuals, churches and foundations to help balance the books.
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This gift is a tremendous endorsement of the administrative leadership exhibited by The Rev. Dr. David Greenhaw, Eden’s president. The faculty and staff at Eden also deserve great credit for their role in sustaining an institution that people are willing to invest in.
Update: Below the fold you can read the official press release:
Press Release from Eden Theological Seminary and The Deaconess Foundation
ST. LOUIS - June 12, 2007 - The Deaconess Foundation Board of Trustees has approved a financial assistance package for Eden Theological Seminary expected to total more than $18 million within three years. The package is among the largest ever awarded by a foundation to a seminary in the United States, and it will help create a firm base that will ensure the school's long-term financial viability.
"Deaconess and Eden are both United Church of Christ institutions that are located in St. Louis, and we've been closely related throughout our histories," said The Reverend Jerry W. Paul, President and Chief Executive Officer of the Foundation. "We approached the Seminary with this offer because we recognize that Eden plays a vital role in our Church, and in sustaining the liberal theological tradition that is so important to mainline Protestantism."
"This is a wonderful development for our school and for the many communities it serves," said The Reverend Dr. David M. Greenhaw, Eden President. "Deaconess' support will enable us to concentrate on what matters most - providing our students with an exceptional seminary education so that they become the finest pastors and community leaders they're capable of being."
The financial package includes $4.5 million to be disbursed during the next three years to provide additional operating revenue and to assist Eden in the repayment of outstanding debt. If the Seminary achieves the progress that is expected during that period, Deaconess Foundation will provide up to an additional $13.6 million, which will be used, in part, to retire all outstanding debt.
"Eden's operations will continue to rely on the critical support of alumni and other donors, but thanks to Deaconess' generosity we will be spared much of the severe financial pressure that's common to seminaries in today's world," Dr. Greenhaw said. "The simple fact is that it costs considerably more to provide a theological education than can be charged in the form of tuition. Like almost all seminaries, Eden has been caught between rising costs and our desire to provide quality instruction."
Located on a 22-acre campus in suburban St. Louis County, Eden has 12 faculty and provides lay and pastoral graduate instruction to more than 200 students serving over 18 denominations. The school is known for its academic excellence, its commitment to social justice and its tradition of ecumenical cooperation. Eden admitted its first African-American student in 1933, and in 1965 Joseph Cardinal Ritter of St. Louis became the first Roman Catholic Cardinal to address the graduating class of a Protestant seminary when he spoke at Eden. This spring, Eden graduated its largest class in 50 years.
Deaconess Foundation was created in 1997 from proceeds generated by the sale of Deaconess Hospital near St. Louis' Forest Park. In continuing the hospital's historic mission on behalf of the Church, the foundation has focused its support on organizations associated with the Church and organizations helping to preserve and improve the health of children in stressed neighborhoods throughout the St. Louis region. Since its inception, Deaconess has provided $31 million in grants to more than 200 organizations. It is currently providing substantial multi-year funding to build the administrative, fundraising and service delivery capacity of eight major child-centered agencies, while supporting numerous other area organizations and initiatives with smaller grants.
"Deaconess Foundation has been blessed. We are honoring our shared history and roots by supporting Eden. We can provide assistance to Eden without in any way weakening our ability to meet existing commitments. In supporting Eden, we are simply acting on another part of our history, tradition and purpose as a church-related institution," said the Reverend Paul.
